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1. Cash
2. Luck
3. Cash
4. Luck
As you have rightly pointed out, a startup must be conceptualized properly, and then execute relentlessly in pursuit of strategic goals.
Its critically important to identify the startup's market, latent or otherwise. This market has to be carefully studied and strategies developed to extract value for the business from that market. This will allow you to construct your business model, well in advance, and to be able to adjust as you learn the market nuances.
Once the business plan and model has been developed, it is vitally necessary to obtain adequate funding. Funding must allow the startup to operate at a loss until such time that it's breaks even and starts to turn a profit.
Very often start ups lose focus, and makes poor decisions based on inadequate information. The startup must vigorously pursue the market, which means that it must develop its strategic marketing plan in alignment with the strategic plan, the business plan and the strategies needed.
It sounds like plenty, but the startup must seek expertise so that it must be properly advised.
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